Foreign media cited news reports that after the Federal Deposit Insurance Corporation (FDIC) took over the First Republic Bank (First Republic Bank) last weekend, it was rapidly inviting bids. The banks finalized their bids on Sunday and announced the winning bidder as soon as possible. Monday morning Taiwan time, making First Republic the third US regional bank to fail in nearly two months.
The source said that in order to prevent the First Republic Bank crisis from spreading to the financial industry, the FDIC rushed to take over last weekend and encouraged large banks to bid for assets. In addition to the three banks above, Bank of America and US Bancorp also participated in the offer.
The banks have less than two days to evaluate First Republic’s balance sheet, estimating that bidders have locked up all of First Republic’s deposits and most of its assets, as well as assuming some of its liabilities.
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